Hodnotové a růstové investování v evropském automobilovém průmyslu: případová studie Volkswagen AG

This thesis examines whether Volkswagen AG can be classified as a value or growth investment in the context of the transforming European automotive industry. The research integrates three analytical layers: financial performance analysis, strategic evaluation, and discounted cash flow valuation. The financial analysis covers the period from 2020 to 2025. It reveals a strong revenue recovery following the COVID-19 pandemic, followed by a significant worsening in profitability in recent years. The decline was driven by rising capital expenditure, restructuring costs, and intensifying competition from Chinese electric vehicle manufacturers. The strategic analysis applies a SWOT framework to assess Volkswagen's competitive positioning. It evaluates internal factors such as brand diversification, production scale, and organizational complexity. External factors include EV market growth, Chinese competition, and EU regulatory pressure. The valuation analysis leverages a discounted cash flow model based on automotive division cash flows. The resulting intrinsic value significantly exceeds the current market price across all three scenarios. Relative valuation confirms that Volkswagen trades at a substantial discount to its European peers. Based on the combined evidence, Volkswagen AG is classified as a value investment. Its market price falls below estimated intrinsic value due to temporary structural pressures rather than a fundamental failure of the business model.